INSUBCONTINENT EXCLUSIVE:
Finance minister Nirmala Sitharaman has asked corporates to help in economic growthNew Delhi: Finance minister Nirmala Sitharaman on
Saturday asked India Inc to invest in the economy so that the virtuous cycle kicks in.Referring to the government's decision to cut
corporate tax rate, she said the government has also opened up many sectors including atomic energy and space.The government in September
2019 slashed corporate tax rate for companies that do not avail of any tax incentive, to 22 per cent
New manufacturing companies have to pay an even lower corporate tax rate of 15 per cent.The budget for 2022-23 presented on February 1
proposed that the concessional 15 per cent corporate tax rate would be available for one more year till March 2024 for newly incorporated
manufacturing units.Addressing members of CII, she said industry should quickly join in the government to help virtuous cycle gain traction
and push growth. There are many sunrise sectors where India has taken the lead, such as vaccines, genomics, space, atomic energy etc
India has proven its prowess in adoption of digital and the start-ups are an enabling force for innovation and new ideas, Ms Sitharaman
said."The corporate sector should not lose this opportunity for higher growth," she added.Speaking on the issue of rural distress, she
explained that the same was being addressed in multiple ways
The budget has enabled access to tractors and other farm equipment through rentals as well as making credit available
The Government has ensured the availability of nutrients and fertilisers at affordable prices, despite the increase in global prices
Multiple welfare schemes have provided support for housing, cooking gas, electricity, healthcare etc.Responding to the lower allocation to
MNREGA as compared to the revised estimates of last year, she clarified that the budget allocation this year has been pegged at the
allocation last year, and as the scheme is a demand-driven scheme, the higher allocation would be provided as per the demand.Responding to
industry suggestions, the finance minister acknowledged the need to be watchful of the increases in interest rates in developed countries
and the high commodity prices
She welcomed the industry's suggestion of a regular dialogue on some of these external challenges.On the privatisation of the two public
sector banks and one general insurance company, as suggested in last year's Budget, she said that the Government is committed to taking
forward the announced privatisations.